ANALYSIS: US elections overshadowed by Wall Street

US News

By Peer Meinert Oct 9, 2008, 1:36 GMT

Washington - It's often small gestures that symbolize leadership and can help a candidate to victory. Such gestures have been missing in the US election battle. In the midst of the most desperate economic situation since the Great Depression of the 1930s, where the need is great for crisis management and committed action, John McCain and Barack Obama appear almost helpless, empty of ideas. Just as Bush gave the impression over the past weeks that he was a passive observer, not an actor, the two men who want to succeed him came across as standing on the sidelines. 'A leadership breakdown,' is how the New York Times put it. Until now, the US presidential campaign has been oddly lacking punch. Even the TV debates have landed with a mediocre thud. Less than four weeks before election day on November 4, it's the frightening message from the financial world, economic anxiety and worry over the future that are dominating the campaign. Rarely has a White House race stood so darkly in the shadows of an acute crisis. At times, the candidates look like extras on the movie set. Neither shows a talent for crisis management or inspiration. This - despite the historic nature of the coming vote that could place the country's first black president in the White House. 'Will America choose the old hero who favours tax cuts for business and the rich and backed George Bush's wars? Or the young man who promises health care for all, a swift exit from Iraq and more money for the average worker? As America's financial system buckles, this ought to be an unlosable election for the Democrats, But it isn't,' the Economist writes. Although the pendulum was swinging in Obama's direction, experts from all sides warned that the race still has a long way to go. Obama, 47, no longer claims the darling role in the US media. Obamania, always stronger in Europe than in the US, has faded even more. The candidate who set out to change the political style of Washington, pulling in millions of young voters with the promise of change, has become noticeably more realistic. Instead of high flying ideas, his campaign speeches now concentrate on the day-to-day worries of people about their jobs and income. Obama appears less often in his trademark massive public meetings, but instead meets with several hundred people in town hall meetings. The new approach may demystify the senator from Illinois - but he still holds the lead in polling averages. John McCain, 72, was caught cold by the banking crisis. 'The fundamentals of our economy are strong,' McCain said just before the wave of bankruptcies, government take-overs and massive bail-outs started. His decades-long record in Washington as an advocate of deregulation of Wall Street now looks like a target on his back. His loudly proclaimed decision to suspend his election campaign until the crisis was sorted out, and the 24 hours that it took him to get to Washington, fell flat. McCain's basic dilemma: The Vietnam veteran's bread and butter themes of the war in Iraq, foreign affairs and national security have been overshadowed by the chaos on Wall Street. From the beginning, McCain has cultivated his image as war hero. There's hardly a public appearance where he does not mention being shot down over North Vietnam, his five years as a prisoner of war, his torture. 'We respect you as an American hero,' Obama has said. But the strength of the war hero image fades, because the driving worry of voters is no longer war, but the economy. The cards have been mixed and dealt anew - with the trumps landing in Obama's hands. Just four weeks ago, the scene was radically different. A feisty McCain, with the beaming Alaska Governor Sarah Palin in tow as his vice presidential candidate, was gaining on Obama and even passed him in some surveys. An average of national polls tracked by realclearpolitics.com now shows Obama with a 6.4 per cent lead compared to about 1 or 2 per cent in August. Experts warn that the lead is still within the margin of error. In the end, the decision comes down to 50 different elections in 50 different states, where the ground war for electoral votes is being fought. While McCain has given up in the rust belt state of Michigan, he still only lags by about 4 percentage points in the fiercely contested battleground state of Ohio.

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News: Additional $35 billion for AIG...Oct 9th, 2008 - 01:46:02

... And this is announced one day after we find out that AIG executives spent $400,000 of the first $85 billion in tax payer bailout money given to them last week ... for a luxury resort vacation getaway.

They're screwin' us ... with the help of Paulson and Bush.

If you're not outraged, your not paying attention.

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ThanksOct 9th, 2008 - 02:20:48

Republicant's your trickle down has trickled down. Those that support this administration are a bunch of idiots. I hope you bible thumpers are the first to loose your home, can't afford gas to take your kids to the doctor you cannot afford and in general FOAD.

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Trickle down ...Oct 9th, 2008 - 02:30:01

... Is the net effect of getting pissed on.

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www.youtube.com/watch?v=_MGT_cSi7RsOct 9th, 2008 - 02:33:28

The reason we are in an economic crisis is that lenders gave mortgages to people who could not afford to borrow what they were allowed to borrow. They did this knowing that they could sell the mortages to Fannie Mae and Freddie Mac; Quasi private institutions who had public backing. That means that they didn't have to worry about what other banks have to worry about: giving out bad loans to people who couldn't pay them back, because they could just go to the government to have them pay for whatever mortgages went bad.

The government was supposed to exercise oversight on Fannie Mae and Freddie Mac but the CEO's and overseers of Fannie and Freddie were experts at buying off politicians in order to avoid regulation. They bribed politicians with lavish campaign contributions and gifts so that the politicians would stop regulators from doing their jobs and stopping them from effectively passing off billions of bad loans off on the tax payers. These same CEO's made millions for themselves off this scheme and drove the companies in to the ground and took the banks who bought the derivatives and mortgages down with them.

Who were the politicians that were in Fannie Mae and Freddie Mac's pocket?

Barack Obama took more money from Freddie and fannie than any other senator in such a short period of time. The only reason Chris Dodd was able to wring out more is because he was in the senate over 10 years. Here:

All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Name, Office, State, Party, Grand Total, Total from PACs, Total from Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349

Obama was the number 1 recipient of money from the failed countrywide mortgage lender.

Jim Johnson and Franklin Raines were CEOs of Freddie and Fannie and both walked away from the mess they made with tens of millions in undeserved bonuses and BOTH are not only contributers to Obama but both are key political and economic advisers to him and his campaign. Jim Johnson oversaw the Obama vice presidential search committee. Penny Pritzker is Obamas campaign finance chairman, she made millions in the sub-prime crisis. Jamie Gorelick who is one of the Fannie executives who benefited from inflated bonuses based on Enron-style accounting and another Obama adviser.

Those 4 were involved in buying off politicians in order to limit Fannie/Freddies accountability and they are giving money and advice to Obama.

Barack Obama is continuing a long history of helping other people steal from the tax payer in exchange for financial contributions and power. He did it with tony Rezko in Chicago who stole millions from the taxpayers took care of him well.. Now he is doing it with the CEOs of these failed banks who have bought and paid for him with OUR money in order to stop the regulatory bodies from stopping them from stealing.

Take a look at the democrats stopping regulation of freddie and fannie.

www.youtube.com/watch?v=_MGT_cSi7Rs

www.youtube.com/watch?v=1RZVw3no2A4

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You will always be broke.Oct 9th, 2008 - 02:35:26

Thanks

'Republicant's your trickle down has trickled down.'

Like you lost anything. People like you only have their hand out.

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Who's the idiot that pastes the same post ...Oct 9th, 2008 - 03:19:11

... Over and over.

No matter what the article is about. ... he cuts and pastes the same - way too long - neocon propaganda.

I'd bet that even his own family has to plead with him to shut up (I was gonna say friends, but I'm not inclined to believe he has any)

Hey cut and paste windbag ... we stopped reading your re-posting of biased articles a long time ago.

You stupid fool ... You undermine your point by being so tiresome.

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shaddup foolOct 9th, 2008 - 03:22:54

'Over and over.'

Nope, all new.

'No matter what the article is about. ... he cuts and pastes the same - way too long - neocon propaganda.''

Sorry if it can't be understood by your stupid monkey attention span.

'. we stopped reading your re-posting of biased articles a long time ago.'

Indeed, you only see what you want to see, that makes you a moron. What's this 'we' BS? Are you speaking for your multiple personalities?

'You undermine your point by being so tiresome.'

And you don't have a point.

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@shaddup fool...Oct 9th, 2008 - 03:32:28

AKA Smiley D a-hole, AKA creepy stalker of SP's stalker, AKA fricking moron, AKA SPAMMER. Guess who is going get his IP blocked for being a SPAMMER? Look in the mirror, headcase, it's you.

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JasonOct 9th, 2008 - 03:53:07

nobody reads those long posts anyway - what a waste of time! I thought a comment wasn't a script!

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shake your fist harder!Oct 9th, 2008 - 03:54:54

'AKA Smiley D a-hole, AKA creepy stalker of SP's stalker, AKA fricking moron, AKA SPAMMER. ''

LOL, you are sputtering with rage. I love it.

'Guess who is going get his IP blocked for being a SPAMMER? '

No spam here. I had a talk with the mods and have followed the rules set fourth. Guess you will just have to throw your impotent temper tantrum... as you have been anyway.

'Look in the mirror, headcase[sic], it's you.'

You calling someone a head case is pure psychological projection. Why don't you take your anger out on what is really holding you back? Look in the mirror head case and random comma user; it's you.

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ANALYSIS: US elections overshadowed by Wall Street

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